What you need to know about digital contract management?

Digital contract management entails much more than archiving contracts, sending documents and collecting signatures. When utilized correctly, digital contract management will enhance the company’s business operations, leading to savings in working hours, workloads and costs. Many organizations still draw up their contracts using Word or Excel files, wasting the full potential of the information they contain.

According to the Global Contract Management Association IACCM, despite the fact that 80% of business activities include dealing with contracts, about 20% of all contracts are permanently missing. Contracts that are unaccounted for create substantial risks for the operations of the entire company, making it extremely important to invest in the centralized management of contracts.

Digital contract management is an efficient method for archiving and sharing contract information within an organization, regardless of the geographical location. You can always see the overall status of your contracts which minimizes risk management and makes budgeting easier!

By actively monitoring the key dates in all your contracts, you will never miss a contract’s renewal date or fail to use a contractual option. Important contract information will no longer be held by just one person; the system makes contract information more widely-available within your company.

Digital contract management will reduce the bottlenecks in your organization and having the company’s contracts in order frees more time for productive work.

Contract management systems provide unparalleled information on contracts, making it much easier to develop your overall business operations.

Digital contract management also plays a key role in the development of business operations, particularly by improving the availability of contract information. The system ensures that all the contracts of the company can be found in the same place, which makes contract information conveniently available to all authorized employees. As a result, the contracts are no longer stuck behind the e-mail or computer passwords of specific individuals.

All types and sizes of companies benefit from electronic contract management. A digital contract management system can manage the contracts of small, medium-sized and large companies in a centralized manner, regardless of the contents and numbers of contracts and the type of industry.